Turmoil in the markets continues. Today getting slaughtered (down below $16) was International Shipholding Corporation [[ISH]]. The company reported no news and yet the stock dropped 20%. It is now trading at 2/3 book value. One nice thing about the shipping companies–they are generally worth around book value. So if you find one that is selling at a significant discount to that and there is nothing highly wrong with the company, it could very well be a good investment. One thing to note is that most shipping companies are not the best in terms of corporate governance.
Disclosure: I own ISH. My disclosure policy will never sink.